- The top GameFi tokens in the last 24 hours are SAND, MANA, AXS, and IMX.
- The GameFi sector is booming, with a market cap exceeding $27.88 billion.
The global crypto market is balancing between gains and losses. Bitcoin has been breaking its all-time high multiple times in the last few days, sitting at under $100K. After two weeks of nonstop performance, slight falls were witnessed today as BTC dropped to the $97K zone, resulting in a 1.09% drop in market cap. Despite this, BTC stabilized above the $97K zone.
While Bitcoin and other major cryptocurrencies consolidate their gains, the spotlight has shifted to GameFi tokens, which are showing impressive growth, especially over the weekend.
GameFi Tokens Collective Market Cap (Source: CMC)
The GameFi category controls over $27.88 billion in cumulative market cap and daily trading volumes soaring to $15.39 billion. This surge underscores the increasing fascination with gaming-based cryptocurrencies and their potential to reshape the virtual world. Let’s take a closer look at the top performers in the GameFi space over the past 24 hours and week.
The Sandbox (SAND)
Firstly, The Sandbox (SAND) has been at the forefront of the GameFi movement, posting a 66.33% rally in just 24 hours and a 125% surge over the past week. Today SAND’s price surged from $0.5137 to an intraday high of $0.8893—the level not seen since February 2023. At the time of writing, Sandbox is priced at $0.8092 with a market cap of $1.94 billion, making it the 3rd largest gaming crypto. Additionally, the daily trading volume of SAND soared over 417% to $5.58 billion.
Sandbox (SAND) Price Chart (Source: TradingView)
On the technical front, the SAND/USDT pair has formed a “Golden Cross” on the daily chart, with the 20-day EMA crossing above the 50-day SMA—typically a bullish signal. However, with an RSI of 84, SAND is considered overbought, which could signal a short-term pullback or consolidation before further gains.
Decentraland (MANA)
Decentraland (MANA), another prominent GameFi token, has also posted significant gains, climbing 38.27% in the last 24 hours. Its price reached $0.7731, the highest in eight months, and it has surged by 71.60% over the past week. Currently, MANA priced at $0.7006, with a market cap of $1.36 billion and a 157% increase in daily trading volume, now standing at $1.67 billion.
Decentraland (MANA) Price Chart (Source: TradingView)
Like The Sandbox, Decentraland is also experiencing a “Golden Cross” with its 20-day EMA crossing above the 50-day SMA, suggesting the potential for further bullish momentum. However, its RSI of 70 indicates that the asset is on the verge of being overbought. While the RSI suggests that the asset could continue to rise, strong bullish momentum would be required for this to happen. If the bullish trend holds, MANA could push past the $0.80 zone in the coming days.
Axie Infinity (AXS)
Axie Infinity (AXS), the flagship token of the popular play-to-earn game, has also been making waves. The token hit a seven-month high of $8.91, fueled by a 70% increase in trading volume, bringing its 24-hour volume above $1 billion. At the time of writing, AXS retraced slightly to $8.14 but remains well above its crucial support level of $7.15.
Axie Infinity (AXS) Price Chart (Source: TradingView)
As the bulls remain in control, an RSI of 68 indicates that the asset is in a bullish zone. This is generally considered a sign of strong bullish momentum, with the price being pushed higher by buying pressure. Thus, there is still room for upward movement before a potential reversal.
Immutable (IMX)
Lastly, we have Immutable (IMX), the largest GameFi token by market cap at $2.91 billion, which has also seen a notable price rise, climbing 14.1% over the past 24 hours. The token broke out of its long bearish phase, moving from $1.56 to an intraday high of $1.78—the level last seen in September 2023. At the time of writing, IMX is priced at $1.76, showing strong market momentum with a 24-hour trading volume of $214 million.
Immutable (IMX) Price Chart (Source: TradingView)
As a layer-2 solution for NFTs on Ethereum, Immutable X has made significant strides in improving Ethereum’s scalability. On the daily chart of the IMX/USDT pair, RSI at 66 is within the neutral-to-bullish range. This suggests moderate buying pressure, with the price increasing due to demand. The market sentiment is positive, but not overly strong.
Additionally, the 20-day EMA is nearing the 50-day SMA, signaling a potential Golden Cross. If confirmed, this could spark a rally, pushing IMX’s price up by 15% to surpass $2.01, its April high. This momentum may pave the way for further growth, possibly driving Immutable to trade above $5.
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Disclaimer: The opinion expressed in this article is solely the author’s. It does not represent any investment advice. TheNewsCrypto team encourages all to do their own research before investing.
